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3
1937.
Revenue.
9. The revenue for the year was estimated at $28,760,250, an increase of $2,088,405 over the approved estimate of 1936. The revised estimate for the year is now placed at $31,240,000, or $2,479,750 in excess of the approved estimate.
10. The revenue for the half year up to June 30th, 1987, was $16,091,324, or $1,711,199 greater than one half of the approved estimate and $471,324 greater than one half of the revised estimate.
11. The principal sources of revenuc are shown in the following table:-
Source of Revenue.
Estimate 1937.
1st Quarter 1937.
2nd Quarter 1937.
Total
1st half year.
Import Duty on Tobacco Import Duty on Locally. Manufactured Liquoi
Import Duty on Liquor Import Duty on Motor
Spirit
930.000
750,000 3,750,000
276,257.76
188,959.23 813,727.06
305,231.88 581,489.64
108,598.05 387,557.28 1,051,829.43
1,885,556.49
Port and Harbour Dues
Ferry Licences
Liquor Licences
Opium Monopoly
Assessed Taxes (Rates)
5,608,000
900,000 265,726.26 635.000 149,730.29 406,300 101,598.75 370,000 100,482.77 250.000 63,652.00 1,391,925.11
230,689.04
496,416.20
174.544.35 324,274.64 101,598.75 203,197.50
50.304.48 72.074.00
150,787.25
135,726.00
Estate Duty
1,200,000
Stamp Duty
2,000,000
105.886.30 561,577.44
1,505,234,78
780,168.63 895,054.93 513,408,51 1,074,985.95
2,897,159.89
Water Excess Suppl:
and Meter Rents
Message Fees (Wireless
Postage
1,775,000 630,000 1,400,000
Kowloon Canton Rail-
Wily
1.100.150
Rent of Government
1.641,200 206.000
596,008.22 340,160.10 936,168.32 171,888.08 158,978.08 330,366.16 401,787.49 685,639.04 1,087,420.63
300,038.32
406,815.09 417,330.35 824,151.44 29,341.18 116,378.85 145,720.03
301,904.78 601,943.10
Property Land Sales
12. Improved economic conditions in the Colony have led to increases in a great many items, including Liquor and Tobacco Duties, Entertainments Tax and certain licences. Iteceipts from Rates are higher owing to there being fewer vacant tenements. Certain items of exceptional or non-recurrent revenue in 1937 are the Post Office receipts from the sales of Coronation stamps, Estate Duty on a large estate, and a transfer from the Trade Lean account of $500,000.
Expenditure.
13. Expenditure for the year was originally estimated at $32,259,160 or $3,498,910 more than the estimate of revenue. The revised estimate of expenditure is $32,102,000 and after taking into account the revised estimate of revenue the prospective deficit on the year is reduced to $862,000, reducing the anticipated surplus of Assets over Liabilities at 31st December, 1937, to $12,055,132. (The revised estimate of expenditure does not, however, take into account the expenditure which will be necessary to repair the damage caused by the typhoon of September 2nd),
14. In view of the improved financial outlook the levy on the salaries of public officials was removed completely on the 1st July, 1987; salaries continue, however, to be converted into dollars at the fixed rate of 1s. 3d. instead of the market rate, which has been lower so far this year. It has also been felt justifiable to undertake some small additional public works expenditure and the revised estimate of expenditure under Public Works Extraordinary is $287,970 more than the approved estimate. $50,000 of this represents a transfer from Loan account, consisting of the cost of a Wireless Telegraphy building which was originally intended for the Air Service but is now to be used for broadcasting.
1938.
Revenue.
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increase of
15. The estimated revenue for 1938 is $30,254,920, $1,491,670 over the approved estimate of 1937, but $985,080 less than the revised estimate for that year. As already noted, the revenue of 1937 includes $500,000 transferred from the Trade Loan account and other exceptional receipts.
18. Head 1; Duties are estimated to produce $6,820,000, an increase of $105,000 over the approved estimate for 1937; it is hoped that the recent increase of consumption will be at least maintained.
17. Receipts from Licences and Internal Revenue (Head 3) are estimated at $14,004,500, an increase of $815,900 over the approved estimate of 1937, but $25,500 below the revised estimate. The principal mcreases are in Assessed Taxes (Rates) $400,000, due to anticipated increase in total valuation and fewer vacancies; Water Excess Supply $125,000 due to increased consumption; Stamp Duties $150,000, due to improved trade conditions; Motor Vehicle Licences $68,000, due to more licences and increased fees; Entertainments Tax $25,000, due to improved trade conditions; and Wireless Receiving Licences $22,000, due to increased numbers.
18. Various classes of licences are expected to show decreases in 1938, in particular Liquor licences, in which the decrease is $50,000, Hawkers licences $15,000 and Pawnbreker's licences $6,000.
19. Fees of Court or Office, etc. (Head 4) are estimated to produce $2,615,420, an increase of $217,920 over the approved estimate of 1937 but $84,580 less than the revised estimate. The increase is made up of a number of items, the most important being fees for Medical Examination of Emigrants $70,000; Public School fees $20,000; Sunday Cargo Working permits $40,000; Medical fees $10,000; Contributions for Anti-piracy Guards $15,000; and Widows' and Orphans' Pensions Contributions $14,400, Mest of these reflect the generally improved economic conditions which it is hoped will continue. The sale of sand, which appeared for the first time in 1937, is expected to yield $90,000 against $70,000 this year.
20. No decreases of any importance are expected in any of the miscellaneous fees.
21. Post Office receipts (Head 5) are estimated at $2,437,050, an increase of $387,250 over the 1937 approved estimate but $322,950 less than the revised estimate. Improved trade conditions, increased use of air mail and higher rates account for the increase. The special sale of Coronation stamps will not, of course, be repeated in 1938 but there will no doubt be extra receipts on the first issue of the new King George VI stamps.
22. Receipts of the Kowloon-Canton Railway (Head 6) are estimated at $1,044,900, a decrease of $55,250 on the approved estimate of 1937 and $80,100 on the revised estimate. This is due to the lower receipts from the passenger service owing to the closing of Shum Chun casino and the cessation of through haulage payments by the Chinese Section, which expects not to have to use British Section engines at all next year.
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